As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting the banknotes.
Central Bank Collaborates With Nigerian Agencies
The Central Bank of Nigeria (CBN) has issued a warning to residents of the West African nation to be on the lookout for counterfeit naira banknotes that are circulating “in food markets and other commercial centres across major cities in the country.” The bank has warned that individuals caught falsifying or counterfeiting the banknotes face a prison term of no less than five years.
Press Release: Beware of Counterfeit Naira Banknotes in Circulation. pic.twitter.com/CWxGDyiSmZ
— Central Bank of Nigeria (@cenbank) December 8, 2023
The CBN’s confirmation of the presence of counterfeit naira banknotes comes as Nigerians grapple with cash shortages. According to a Techeconomy report, which has now been taken down, Nigerians in different parts of the country are having to contend with ATMs that are not dispensing cash.
The central bank, however, insists that there are no shortages and has identified panic withdrawals by some members of the public as the cause of the artificial shortages.
Meanwhile, in its Dec. 8 post on X, the Nigerian central bank revealed that it is working in concert with relevant security and financial agencies to seize the fake banknotes. The CBN also urged members of the public to do their part in helping to weed out said banknotes.
“Members of the public are also encouraged to report anyone suspected of having counterfeit banknotes to the nearest police station, branch of the Central Bank of Nigeria or via [email protected],” the bank said in a statement.
The CBN also implored all financial institutions, currency changers, and the public to do more to curtail the acceptance and distribution of fake banknotes. In addition, the Nigerian Central Bank told residents that by embracing alternative payments, they help to “mitigate the risk of spreading counterfeit banknotes.”
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